Location: Montgomery County, IL | Metro: Macoupin County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The ZIP code 62560 encompasses a small, tight-knit community with a total population of 1,446 residents. The area has a relatively low percentage of renters at 23.8%, indicating that homeownership is prevalent. However, the median income of $80,781 suggests that those who do rent are likely to be financially stable. The median home value stands at $167,073, which is notably lower than the median income, hinting at an affordable housing market.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 62560 in fiscal year 2024 is set at $990. This figure is slightly above the market rent reported by the Census Bureau's American Community Survey, which is $923. This difference indicates a modest premium for Section 8 vouchers in the area, providing a small buffer for landlords against potential maintenance costs or vacancy periods.
Given these factors, ZIP 62560 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the local economy and the affordability of homes provide a solid foundation for consistent returns without the need for active property management. Meanwhile, value-add buyers could find opportunities to improve properties and potentially command rents closer to the FMR, thereby increasing their profit margins. The key will be to understand the local market dynamics and the specific needs of tenants in the area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.